Shares of Intel Corp. (INTC, Financial) advanced more than 8% on Friday after reporting third-quarter revenue of $19.2 billion and earnings of $1.42 per share on Thursday. It beat revenue expectations by $1.13 billion and earnings estimates by 18 cents.
In a statement, CEO Bob Swan said the company has been on "a multiyear journey to reposition Intel’s portfolio to take advantage of the exponential growth of data."
"Our third-quarter financial performance underscores our progress as our data-centric businesses turned in their best performance ever, making up almost half our total revenue in a record quarter,” he said. “Our priorities are accelerating growth, improving our execution and deploying capital for attractive returns. We now expect to deliver a fourth record year in a row.”
The gross margin was 58.9% for the quarter, compared to 64.5% in the prior-year period. The operating incomed was $6.4 million, down from $7.3 million a year ago.
Looking ahead to full-year 2019, the company expects revenue of $71.0 billion and an operating margin of 30%.
At the end of the second quarter, Ken Fisher (Trades, Portfolio) boosted his stake to 26,557,167 shares, while Robert Olstein (Trades, Portfolio) increased his position by 7% to 176,000 shares. On the other hand, Scott Black (Trades, Portfolio) reduced his holding by 7% to 28,030 shares.
Shares of Verizon Communications Inc. (VZ, Financial) fell almost 1% on Friday after the company posted third-quarter results. Revenue grew 0.9% from the prior-year quarter to $32.9 billion, beating projections by $160 million. The company posted earnings of $1.25 per share, topping forecasts by 1 cent.
“Verizon continued its momentum in the third quarter by driving strong wireless volumes in both our Consumer and Business segments, while delivering solid financial results, highlighted by continued wireless service revenue growth, increased cash flow, and EPS growth," CEO Hans Vestberg said.
Total Verizon Consumer revenues reached $22.7 billion, an increase of 1.4% year over year, due to strong growth in wireless service sales and Fios service offerings.
Further, non-GAAP earnings before interest, taxes, depreciation and amortization were $12.2 billion. The consolidated operating income margin was 24.9%, up from 23.5% last year. The consolidated Ebitda margin was 37%, compared with 37.6% in the same trimester of 2018. The adjusted Ebitda margin (non-GAAP) was 36.6%, and consolidated adjusted Ebitda (non-GAAP) was $12 billion.
Looking ahead to full-year 2019, the company expects low single-digit growth in adjusted earnings per share and low single-digit growth in consolidated revenue on a GAAP reported basis.
During the quarter ended June 30, Fisher reduced his holding by 91.5% to 48,310 shares, while John Hussman (Trades, Portfolio) boosted his position by 30% to 60,000 shares. David Carlson (Trades, Portfolio) bought 200,000 shares.
Disclosure: The author holds no positions in any stocks mentioned.
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